OPEC and its allies, known as OPEC+, issued a series of strategic decisions during their recent meeting in Vienna; It decided to extend the mandatory production cuts of 3.66 million barrels per day until the end of 2025. This reflects the group's commitment to maintaining the stability of oil prices in light of fears of a global recession and declining demand.

OPEC+ also decided to prolong the period of voluntary cuts. Eight members of the group confirmed their commitment to provide additional optional cuts of 2.2 million barrels per day for an additional three months until the end of September 2024. Which enhances the group’s efforts to control production and meet market needs.

Among the decisions taken by OPEC+ is to develop a gradual plan to lift the voluntary cuts over the course of a year, starting from October 2024 until September 2025. This allows greater flexibility in the face of changing market conditions and demand expectations. The United Arab Emirates has also been granted a new production quota that allows it to gradually increase its production by 0.3 million barrels per day, taking into account the growth in its production capacity and strengthening its role in the market.

OPEC+ aims to address concerns of global economic uncertainty and declining demand through a proactive approach to production management. This helps protect the interests of member states and ensure market stability.